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U.S. Bank to Become the Largest In-Store Branch Banking Network When it Opens Inside 49 Smith's Food & Drug Stores

MINNEAPOLIS, SALT LAKE CITY and LAS VEGAS--(BUSINESS WIRE)--Sept. 15, 2008--U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), has entered into a definitive agreement with Zions Bank to assume the leases of 49 full-service in-store banking locations in supermarket retailer Smith's Food & Drug Stores, a division of The Kroger Co. (NYSE: KR). U.S. Bank will add 28 new Smith's locations in Nevada and 21 in Utah, and once the Smith's expansion is complete, will become the largest full-service in-store branch-banking network in the United States, with more than 600 in-store branches in 19 states. More than 220 new employees will be hired to work at the new Smith's locations, which will be up and running by the end of the first quarter 2009.

In Nevada, U.S. Bank will be replacing a total of 28 Nevada State Bank offices in Smith's stores, 18 of those in the Las Vegas area, four in Henderson and one in Carson City, Gardnerville, Reno and Sparks, all markets where U.S. Bank currently has offices. U.S. Bank will also move into new Nevada markets of Dayton and Pahrump.

Also, U.S. Bank will augment its presence in Utah by replacing Zions Bank inside 21 Smith's stores, most of which are in the Salt Lake City market, except for one location in St. George. This move into in-store locations inside Smith's stores will provide U.S. Bank with an entrance into the Salt Lake City area neighborhoods of American Fork, Farmington, Herriman, Kimball Junction, Layton, Logan and North Orem.

"Our partnership with Smith's is a perfect example of our stated interest in growing our Western franchise and we feel very fortunate to give our customers even greater access by expanding beyond the 20 Smith's in-store banking locations we are currently operating in Utah and Nevada," said Chuck Stroup, U.S. Bank executive vice president, in-store and on-site branch group. "We share a long-history and common goal with Smith's of giving customers the highest levels of service and this partnership is a great way to reach out to busy people who like the convenience of one-stop shopping."

U.S. Bank's in-store banking strategy has proven to be highly successful as a result of staffing each location with uniquely-trained universal bankers who can help customers with all their banking needs. U.S. Bank's in-store locations are a cost efficient way of adding convenient, full-service branches in a market to give customers additional ways of accessing the bank's products and services.

Currently, U.S. Bank has 60 branches in Nevada and 45 in Utah. The additional locations will allow U.S. Bank to jump from fourth to second for most branches in Las Vegas and from fourth to third for most branches in Salt Lake City.

"We share the philosophy with U.S. Bank that the convenience of in-store banking contributes to a great shopping experience for our customers," remarked Kenny Kimball, Smith's Group Vice President Operations. "We look forward to a seamless transition of banking operations within our stores."

The new U.S. Bank locations inside Smith's stores will offer a full range of services and will be open seven-days-a-week in Nevada, Monday through Friday from 10 a.m. until 7 p.m., Saturday 10 a.m. until 4 p.m. and Sunday from noon until 4 p.m. In Utah, U.S. Bank will be open six-days-a-week, Monday through Friday from 9 a.m. until 7 p.m. and Saturday from 9 a.m. until 5 p.m. In addition to opening checking accounts, customers can conveniently transact business on savings, CDs, IRAs and other investment opportunities, or get a loan for a car, mortgage, boat, home improvement or debt consolidation. Each location will also have a full-service ATM.

Smith's is a division of The Kroger Co., one of the nation's largest grocery retailers. From its divisional offices in Salt Lake City, Utah Smith's operates a total of 132 stores in seven western states, including 47 in Utah and 41 in Nevada.

Zions Bank and Nevada State Bank are subsidiaries of Zions Bancorporation (NASDAQ: ZION) which operates eight banks under local management teams and community identities in 10 Western and Southwestern states.

U.S. Bancorp, with $247 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,542 banking offices and 4,895 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank
Steve Dale, 612-303-0784
or
Teri Charest, 612-303-0732
OR
Smith's
Marsha Gilford, 801-973-1700

SOURCE: U.S. Bank

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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